FX.co ★ Speculators Turn Bullish on U.S. Wheat as CFTC Net Positions Swing Positive

Speculative sentiment in U.S. wheat has flipped firmly into bullish territory, according to the latest positioning data from the Commodity Futures Trading Commission (CFTC) released on 4 September 2026.

Net speculative positions in wheat futures moved from a net short of -6.8K contracts to a net long of 24.7K contracts, marking a notable reversal in market positioning. The shift suggests that traders who had previously been betting on weaker wheat prices are now positioning for potential strength in the market.

While the underlying drivers are not detailed in the data, the scale of the move indicates a meaningful change in expectations among speculative participants, with wheat now attracting net buying interest after a period of net selling. Investors and market watchers will be monitoring whether this renewed optimism in U.S. wheat futures continues in the coming weeks.